London’s appeal lies in its global profile, international appeal and transport connections, as well as the shortage of new homes, Telford said. The Olympic Games had also helped maintain interest in the market, it believed.

For the full year to the end of March, the company said profits would be in line with market expectations. Telford anticipated profits would beat City hopes for its next financial year – ending in March 2014 – having already sold 50pc of its stock for that period.